Can't you hear it now? The drums and hosannas around the energy desk at the New York Times? The high fives, the back slapping. Their guys did it. The Saudis are going into high gear and are going to pump more oil. And all their buddies at the Times are going to make sure that we know about it, with blazoned headlines instructing us clearly "Plan Would Lift Saudi Output To Highest Ever" right there on the front page, June 14 first column right, for all to see and in feudal (sorry, check that) full homage to the Saudi oil princes.
To make us understand the profound sense of responsibility and shared pain emanating from the Saudis, the article goes on to instruct us that Saudi Arabia was uncomfortable with oil prices and quoted Saudi sources, "Our goal is to bring stability to the oil market."
Now that is a gracious and caring gesture, from a supplier who has brought the world's economy to the brink of ruin, causing untold damage to the daily lives of people through out the world, and placing a grievous burden on those least equipped to pay for the palaces, yachts, the princely and national boondoggles of the oil producing states of which Saudi Arabia is the chief cheerleader.
The irony, as always is lost on the New York Times and its editors forever at the ready to do the Saudis' bidding and to render them praise for such as being "concerned about record prices might eventually dampen economic growth" (the word 'eventually' is not a typo) when opprobrium would be more in keeping with the realities of events. Thus, Saudi Arabia is pictured as always looking after our interests. We are told that Saudi Arabia is pumping 9.45 million barrels a day as in May and with the new "increase" of 500,000/bbls the Saudis will be producing just about 10 million barrels a day, the "Highest Ever." Bravo for Saudi Arabia.
Both increases come after months of stonewalling the world community's pleas to increase production as prices were escalating dramatically. What the New York Times goes on not to tell us is that even with this increase, under Saudi Arabia's suzerainty OPEC's quota still has not made up the full 1.7 million barrels a day cut made in early 2007, and that, by some 400,000 barrels/day. Only 1.3 million bbls/day of that cut will have been reinstated: 500,000 bbls/day last November; 300,000 last month, 500,000 next month (a report has just come across the wires that according to Saudi Oil Minister Ali al-Naimi the increase for next month has been set at 200,000 barrels, not 500,000 barrels as reported by the NYTimes. Are you surprised?)
And by the way, in case you missed it, and in case you don't think OPEC and their production constraints don't have much impact on prices, and in case you feel the price of oil is determined by the unencumbered forces of supply and demand, or the erosion of the dollar -- (dollar index down about 25%, oil price up 160% over the period 1/07-6/08) please take note. Before the Saudi/OPEC cut in daily production quota by 1.7 million bbls/day in early 2007, the price for crude was in the low fifties compared to today's circa $135/bbl. Given their proclivities, if you asked the oil desk at the NY Times why this massive jump in price, they would probably attribute it to astrological forces.
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If ,as has been reported in numerous places, speculatio
AND the increase price of oil is threatenin
And a good economy is essential to the safety and welfare of our country.
Doesn't it follow that the speculatio
And as Bush?Chene
Shouldn't Bush be declaring War On Oil Speculatio
Oil prices are rising for many reasons, not the least of which is the spectacula
Painful gas price increases may actually, finally, motivate Americans to get serious about alternate energy research and developmen
We don't want them pumping at full tilt because any minor hiccup around the world could cause a supply shortfall. This is short-term thinking, hoping for a $10/bbl price break while exposing our economy to the risk of a $60/bbl+ surge.
Saudi Arabia won't give us any honest assessment of their depletion rates and production capacity until one day they shrug their shoulders and admit there's nothing else they can bring online. It's not like they possess the magical power to piss light sweet crude.
Speculator
"After investing in high-tech stocks and real estate loans for years, legions of speculator
This issue must be addressed, but likely will not be, as those with money, make the rules... and they are making lots more money on their speculatio
This issue has to be raised with our Representa
But, in the US, we the people fear the Government
Go figure.
They advised Bush/Chene
So the Saudis used the price of oil as a sure way to get their attention.
The Saudis have enough problems without that catastroph
Not to mention that Bush/Chene
But now even the Saudis are worried that the price of oil is getting out of control. And are acting despite, not because of, George W Cheney.
I expect to see the bubble collapse. Soon, very soon.
He might not feel so entitled or dis-satisf
You know what would be satisfying
One, Mr Learsy writes something other than his usual "Why is Our Oil under Their Sand?"
And two, that OPEC members tell the truth about their reserves so that our citizens can focus on the reality of the situation rather than the fantasies promoted by CERA, USGS, Exxon, OPEC, and Mr Learsy.
Keep Smiling!
THAT is why prices are so high. Nothing to do with the dollar being worth nothing and inherent demand outstrippi
BTW - anyone ever check and see if the Saudi's CAN boost production
Despite the strong efforts of the Bush administra
If the giant oil companies and the US government were not engaged in such a deathly symbiotic relationsh
If the world economy really were free, instead of being held hostage by the powerful and those who have made their fortunes by it, but who now want to prevent anyone else outside the club joning in and diluting their wealth, then clean energy would already be the order of the day, and oil would be preserved for its many other useful purposes, rather than fouling the atmosphere and driving us (literally
Just like Bear Sterns.
We the People REMEMBER WHO REALLY ATTACKED US.
Washington better get in line. We will have our day with the Saudis. One way or another.
Cut taxes on every new barrel of oil found, pumped, and refined and watch prices drop. Until then, I have a nice little Tunisian oil producer that pulls it out of the ground and sea for about $10/barrel -- Candax.
"With respect to the world oil price impact, projected ANWR oil production constitute
What are YOU doing to reduce your own reliance on oil? Your post implies that you are simply expecting the government to bail you out by providing a solution for you. How does that jibe with the Republican Party's enthusiasm for self-relia